Monthly Archives: December 2017
BNEF: by 2040, almost 60% of new car sales will be electric
According to estimates by Bloomberg sales of fuel and vehicles has already peaked, and perhaps never more to rise, because the price of batteries fell. The increase in the number of electric vehicles, in turn, means that the peak demand for oil can come in just 10 years.
According to a new Bloomberg NEF report, oil demand is projected to peak in 2028 for passenger cars and in 2035 for commercial vehicles. The rapid growth in electric vehicle sales will cause a slowdown, a peak, and then a drop in oil consumption. Oil prices and the cost of investment in oil companies will fall. Continue reading
Electric cars will not save the planet without renewable energy
Several countries, including France, Norway and the UK, are planning to abandon fossil-fuel-powered cars by 2040-50 to reduce air pollution and combat climate change. The idea is to replace cars with internal combustion engines by electric vehicles. However, this is unlikely to help the environment, as electric vehicles are charged with electricity, which is produced from the same “dirty” fossil fuel.
By 2040, global electricity consumption by electric vehicles will rise to 1,800 TWh — about five times the current annual electricity consumption in the UK. Using UK data as a benchmark, carbon emissions will amount to an additional 510 megatons coming from the electricity sector worldwide. But this figure can be significantly reduced if electricity is produced exclusively from renewable energy sources and not from fossil fuels. Continue reading
